China’s home-made films have set new records this summer, creating the largest surge of box office in the country’s film history. The nation’s box office collect in the first six months has jumped more than 48 percent than the same period last year. China’s film revenue already rose to the world’s No.2 following the US, accounting for 12.53 percent of the global market.
The upward momentum of China’s film industry is a reflection of the country’s economic restructuring that is aimed at transferring the economy dominated by manufacturing to one that is dominated by service industries. It is also a tangible example of the economic dynamics behind the GDP growth of 7 percent in the first half of the year.
According to the National Bureau of Statistics, the service sector grew 8.4 percent in the first six months compared with the same period last year, accounting for 49.5 percent of the country’s GDP, 5.8 percentage points higher than the secondary industry.
In the service sector, finance, information technology, culture and tourism have been growing faster. The data flow on the Internet has grown 93.6 percent in the fist half year; the mobile data business grew 39.3 percent; software business gained 17.1 percent, while e-commerce grew 39.1 percent. Businesses around the world are now scrambling to sell products via the Internet to the fervent Chinese consumers.
China’s manufacturing has been picking up speed in its transformation from the low-end to the middle and upper-end. This trend is demonstrated in the production of high-end equipment such as informational electronics, robots, computer numeral control, rail transport, smart power grid, space and aviation, and medical equipment.
In the first half of this year, the electronic manufacturing and high-tech industry grew by 10.8 percent and 10.5 percent, much higher than traditional industries. Robot and locomotive production grew more than 50 percent in the same period.
With looser business environment, more convenient investment and trade conditions and the catalyzing of Internet platforms, new technology, new products and new business models have been continuously emerging.
More than 2 million new companies emerged in China in the first half of this year, up 20 percent year-on-year. In Guangdong Province, an average of more than 1,600 new firms were registered each day from January to May, meaning that out of every 15 people in Guangdong, one of them is a business owner.
These are the solid foundations of China’s economy that is continuously upgrading and showing vitality. They will also help boost the continued growth of the Chinese economy. (The Daily Mail – People’s Daily news exchange item)
Jun 21, 2018 0
The 2018 Boao Forum for Asia (BFA) annual conference is scheduled for April 8 to 11 in Boao, Hainan Province. The forum will be themed "An Open and Innovative Asia for a World of Greater Prosperity."
— The Daily Mail - People's Daily